Republic of Panama executed its offering of $1.25 billion aggregate principal amount of 3.160% Global Bonds due 2030 and $750 million aggregate principal amount of 3.870% Global Bonds due 2060.
The combined offering of US$2 billion aggregate principal amount of Global Bonds represents the largest single-day public offering of sovereign debt in Panama’s history.
Citigroup Global Markets, Inc. and J.P. Morgan Securities LLC acted as underwriters on the offering.
Arnold & Porter Kaye Scholer advised the Republic of Panama with a team led by Eli Whitney Debevoise II (Picture).
Sullivan & Cromwell advised Citigroup Global Markets, Inc. and J.P. Morgan Securities LLC with Christopher Mann, Jeffrey D. Hochberg, Paul J. McElroy, Cristina Liebolt and Joshua Graybill.
Arias, Fábrega & Fábrega – ARIFA advised Citigroup Global Markets, Inc. and J.P. Morgan Securities LLC with Estif Aparicio, Cedric Kinschots and Ricardo E. Arosemena.
This was the best execution of a bond sale in the history of the the Republic of Panama in terms of both extended duration 10 and 30 year maturities and the low interest rates of 3.16% 2030 and 3.87% 2060. The new administration and bond underwriters executed on e of the best (if not the best) underwriting placements certainly in Panama’s history but probably not duplicated in any (but a few) Latin America Countries in recent years of this current low interest rate environment. In summary, the timing was perfect in all respects .